Pennrose Properties has recently begun construction on Garfield Housing Phase II, a 60-unit affordable housing development for seniors in Phoenix. The project is a collaboration between the City of Phoenix, Butler Housing Co., CBC Financial Corp., and the Arizona Department of Housing. Completion is expected in winter 2024.
According to Multihousingnews.com, Butler Housing previously completed the first phase of this project in 2014 by redeveloping Sacred Heart nursery into a 100-unit community for veterans.
The $28 million financing plan includes LIHTC equity and construction loans from Bank of America, as well as permanent loans from Cedar Rapids Bank and Trust. The City of Phoenix also provided funding through their HOME loan program and Congressional Program Funds totaling $500,000.
The four-story community will offer studio and one-bedroom apartments spanning over 58,000 square feet. These units are exclusively reserved for seniors aged 55 or older with incomes ranging from 20 to60 percent below the area median income. Amenities will include a fitness room,multi-purpose room,and outdoor recreation area managed by an on-site team.
